Oh boy, what do we make of this? We haven't paid that much attention to the whole thing as of yet, but with a recent public statement on why they do what they do, I think it's about time to address this thing. Yes, Lulz Security, the hacking group (or whatever they are) that's been causing quite a bit of amok on the web lately.

Thats a really BS reply the government never required or even asked them to give out interest only loans, to require zero income verification, to abuse a risk pooling algorithm to absurdly wrong data. Its like a kidnapper blaming his career of crime on his parents for asking him to make a living.

You said,
<blockquote>May I point out that the financial crisis was caused by people who abused their freedom at the expense of us ordinary folk?</blockquote>

Come, Sir, when have people NOT "abused their freedom at the expense of ... ordinary folk?"

There must have been something else afoot in 2008 that wasn't otherwise for the crash to happen.

When the Fed cut rates in 2002, people borrowed huge amounts of money that bid up housing prices. When general price inflation became a strong possibility in 2007, the Fed increased interest rates, which sucked money OUT of the housing market, causing prices to crash. Sadly, those still in--both borrowers and lenders--were left "holding the bag."

People tend to be rational, and thus, they react to incentives. As I often told my econ students, "If you provide perverse incentives, never be surprised to see a bunch of perverts!"

I think it's hypocritical to change people into perverts, "cutting them off at the knees," then blaming those maimed people for becoming perverts.

Please forgive if I'm too huffy!

Getting back on topic, another example of an unregulated market is--at least in the USA (which DOESN'T have a monopoly of the airwaves!)--talk radio, where people all over the political spectrum--from right-wing nut jobs to moderate milquetoasts to left-wing loonies and those of good will throughout--flourish in a teeming environment.

Even unregulated markets, however, have limits and valid governmental functions. One such function is to protect people from predators--and LulzSec have all the hallmarks of predatory bullies. According to these "in-DUH-viduals" of LulzSec:

--Your baby got candy taken from her? Tough luck; she deserved it, because she was too weak to hold onto it.

--Your house was broken into, and all valuables taken? Tough; you deserved it. You should have made your house an impenetrable fortress.

--All of your computer accounts were hacked, and you lost everything? Too bad, so sad, sucks to be you! You were too stupid to secure your computer and Internet connexion. You only got what was coming to you!

--Your bank's computers were hacked, and all of its money drained--including your life's savings deposited therein. So what? You got your just desserts for being a moron in NOT doing business with a bank that was secure!

EXCEPT...

EVERYBODY is stupid, at least some of the time. Maybe in the next world, they will have to deal with demons who terrorise them for being too stupid to know their own limitations. That MIGHT be their just desserts for the bullying manor in which they destroy others!